China trade economy File photo: VCG

China will adjust the import tariff rates and items on certain goods starting from January 1, 2025, in an effort to expand domestic demand and advance high-standard opening up, authorities announced Saturday.

According to a circular issued by the Customs Tariff Commission of China's State Council on Saturday, in a move to enhance the synergy between domestic and international markets, the country will implement provisional import tariffs that are lower than the most-favored-nation rates on 935 commodities.

For instance, to promote technological innovation, the government will lower import tariffs on cycloolefin polymers, ethylene-vinyl alcohol copolymers, and automatic transmissions for specialized vehicles, including fire trucks and repair vehicles, among others.

To safeguard and improve public welfare, China will reduce import tariff on sodium zirconium silicate, virus vectors for CAR-T tumor therapy, and nickel-titanium alloy wires for surgical implants.

Import tariffs will also be lowered on ethane and some recycled copper and aluminum raw materials to promote green and low-carbon development.

Meanwhile, in line with the development of domestic industries and changes in supply and demand dynamics, China will raise import tariffs on some commodities, such as syrups and sugar-containing premixes, vinyl chloride and battery diaphragms, within the country's commitment to join the World Trade Organization.

In recent years, China has made certain adjustments to tariff rates and items each year, based on trade trends, to make the import tariff system more targeted and standardized. These changes this year not only reflect China's focus on advancing high-quality development and fostering technological innovation, but are also aimed at expanding economic and trade cooperation opportunities with trading partners and promoting a higher level of openness, Zhu Keli, founding director of the China Institute of New Economy, told the Global Times on Saturday.

“By reducing import tariffs on specific high-tech products, medical equipment, and green low-carbon raw materials, China can provide domestic companies with a competitive price advantage, improve medical standards, and foster the growth of green industries. This approach will facilitate technological innovation, industrial upgrading, and environmental protection,” Zhu noted.

Under the 24 free trade agreements and preferential trade arrangements with other countries and regions, China will implement agreed-upon tariffs on certain import commodities from 34 countries and regions, aiming to expand its high-standard free trade area network.

Notably, the China-Maldives Free Trade Agreement will take effect on January 1, 2025, with nearly 96 percent of items expected to achieve zero tariffs upon completion of the final reductions in the future.

China will also continue to offer zero-tariff treatment on 100 percent of tariff lines next year to the 43 least developed countries with which it has diplomatic relations in a bid to support their development and foster mutual benefits, according to the commission.

Special preferential rates will also be applied to certain imports from Bangladesh, Laos, Cambodia, and Myanmar, in accordance with the Asia-Pacific Trade Agreement and bilateral agreements with relevant ASEAN member states.

The commission noted that specified tariff items will be introduced for products such as pure electric passenger vehicles to support industrial development and sci-tech advancement.